The Financial and Economic Cooperation Committee in the Gulf Cooperation Council will hold an extraordinary meeting in Riyadh, Saudi Arabia, 24.05.2016 to discuss the introduction of taxes.
The official Saudi Press Agency (SPA) reported that the meeting will discuss a number of topics, including the recommendations regarding the draft of a unified agreement on value added tax (VAT) and selective taxes in GCC member states.
It is expected that the Gulf states will introduce VAT of five per cent to by 2018 to combat the reduction in revenue due to the drop in oil prices. This will be the first time such a tax will be introduced in the region.
Last November, GCC states agreed to impose a selective tax on tobacco.
The Gulf Cooperation Council consists of six countries: Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman.
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